Interest rate on bank deposits fell 9.46% to 4.21% in Nigeria in 2021, according to the National Central Bank.
Historically, interest rate on bank deposits in Nigeria reached an all time high of 23.2% in 1993 and an all time low of 2.67% in 1976.
Nigeria has been ranked 29th within the group of 96 countries we follow in terms of interest rate on bank deposits, 25 places above the position seen 10 years ago.
| Interest Rate on Bank Deposits (Local Currency) | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Algeria | % | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | ||||||||||||||||
| Benin | % | 7.00% | 6.93% | 5.27% | 5.39% | 5.31% | ||||||||||||||||
| Burkina Faso | % | 7.00% | 6.93% | 5.58% | 5.39% | 5.31% | ||||||||||||||||
| Cameroon | % | 2.45% | 2.45% | 2.45% | 2.45% | ... | ... | ... | ||||||||||||||
| Central African Republic | % | 2.45% | 2.45% | 2.45% | ... | ... | ... | ... | ||||||||||||||
| Chad | % | 2.45% | 2.45% | 2.45% | ... | ... | ... | ... | ||||||||||||||
| Gabon | % | 2.45% | 2.45% | 2.45% | ... | ... | ... | ... | ||||||||||||||
| Libya | % | ... | ... | ... | ... | ... | ... | ... | ||||||||||||||
| Mali | % | 7.00% | 6.93% | 6.49% | ... | ... | ... | ... | ||||||||||||||
| Niger | % | 7.00% | 6.93% | 6.49% | ... | ... | ... | ... | ||||||||||||||
| Nigeria | % | 9.15% | 7.50% | 9.55% | 9.70% | 8.90% | ||||||||||||||||
| Sudan | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
| Togo | % | 7.00% | 6.93% | 6.49% | ... | ... | ... | ... |
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